Texoma Homes for sale:
As we begin the process of getting your property ready to place on the market one of the steps is to understand what a title policy is and how it can affect the transaction of selling your property.
A potential buyer will be looking at several aspects of your property as they begin the step to make an offer. It will make it much easier on the transaction process if we can know ahead of time if you may have title issues that can be resolved before we can an offer.
You may say as a seller what is a title policy and why do I need to give one when I received one when I purchased the property??? Is that not the same thing and why do I need to spend the money on this item. The title policy is a negotiable item but in most cases it is paid by the seller.
This is what Peggy Taylor had to say about Title insurance
A title is the foundation of property ownership, and because land is permanent and can have many owners offer the years various rights in land may have been acquired by others ( such as mineral, air or utility rights) by the time you come into possession of it. A title search is a detailed examination of the historical records concerning a property. The purpose of the search is to verify the Sellers right to transfer ownership and to protect the buyer from any claims, defects and right or burdens of the property. Among these are unpaid taxes, unsatisfied mortgages, judgements against the seller and restrictions limiting the use of the property and or land.
This is just the begining of what a title policy does for you as a seller to show that you have clear title that is transferable to the buyer. Which of course is an important step in the selling of your property without clear title a buyer will hesitate in the purchse of it.
Most of the time this is taken care of after a contract is on the table accepted and we are in the process of closing. But sometimes it is better to get some things done before you get to that point it will same time and allow the closing to go much smoother.
The next post will be on what some of those items might be.
We are looking forward to working with you on getting your property on the market and sold.
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You can visit us on line at www.GreaterTExoma.com
We are All About Texoma Each and Every day helping you with all of your Real Estate needs.
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